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Ian Pollard – HSBC Profits Up 31%
HSBC Holdings plc HSBA saw first quarter profits rise by 31% from $4.8bn in the first quarter of 2018 to $6.2bn this year following strong growth in Asia and a 7% rise in revenue compared to the previous year. Cuts in costs also helped with operating expenses down by 12% during the first quarter, whilst earnings per share rose 40% to 21 cents. The bank said its most challenging priority was to achieve a turnround in the US”.
Smurfitt Kappa Group plc SKG has delivered a very strong start to the year with first quarter EBITDA up by 25% year-on-year. first quarter organic corrugated volume growth in Europe was 2% and 3% in the Americas as the company built on its established strengths of customer-focused innovation, an integrated operating model and its ever expanding geographic reach, which was extended during the quarter with acquisitions in Bulgaria and Serbia.
Ultra Electronics Holdings ULE will report at todays AGM that further positive developments in its order book is producing positive early results and The Board is confident that 2019 will be a year of good underlying progress.
Rambler Metals & Mining plc RMM announces a banner year for operations in several areas, with record throughput for the year to the end of December 31, 2018. which saw 364,176 tonnes of ore processed from the Ming Mine. This was the second consecutive year in which the Company set a new throughput record.
Intercontinental Hotels Group IHG has delivered strong first quarter results against strong results in the previous year, Good growth was achieved in the US which out performed the industry and continued market share gains were made in China. 12,000 rooms were opened in the quarter, the highest first quarter openings in a decade, including the 400th hotel in Greater China.
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Ian Pollard – Severn Trent Abandons English
Severn Trent SVT updates that for the period from the 1st October to the 7th February it has abandoned the use of English and will;
- hit AMP6 outperformance cap
- earn at least 50m in customer ODI out performance payments across waste and water
- work hard on SIM scores
- have sector leading scores in CCW’s annual survey
- create strong out performance opportunities
- underpin the future growth in RCV which customers expect
And to make sure that nobody will understand a word of this complete and utter rubbish
- AMP7 Ofwat has announced its PR19 Final Methodology
- Rumours abound that STSRs are to be held for senior executives (secret training sessions in rubbish)
Johnson Matthey JMAT will receive a £30m one off non cash benefit from the lowering of US Corporation Tax rates. But it will take a one off £50m. hit from the no fault settlement of a law suit in which it looks like the lawyers came out the winners. The 50m will be excluded from current years profits.
Redrow RDW is increasing its interim dividend by 50% as it continues to make hay whilst the housebuilding boom continues apace.Revenue for the six months to the 31st December rose by 20%, profit before tax by26% and earnings per share by 27%. The interim dividend goes up from 6p per share to 9p. The sales market is described robust, the second half started with a record order book. The increase in the average selling price appears to have become a closely gaurded secret.
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BAE Systems; Orders Up by 50% As British Industry Gains Momentum
RSA Insurance Group RSA is delighted with its strong first half results which are littered with repeated references to outperformances as if they had just invented the word. Shareholders get to share in the jollity with a 32% rise in the interim dividend to 6.6p per share, up from last years 5p. Restructuring has now been completed and underwriting results were not only a record, they were “noisy” as well, which is a good thing apparantly.
Smurfit Kappa Group SKG claims a good set of results with strong demand in most marketsfor the six months to the 30th June but set against a background of unprecedented and continued price inflation which cost the company £75m. Revenue rose by 5% but profit before tax for the laf year fell by 21%, rising to 26% in the second quarter. Basic earnings per share fell by 18% and EBITDA was down 4%. It is expected that the second half should start to see the recovery of price inflation costs, through higher prices.
BAE Systems BA is further evidence that British industry is still alive and kicking although BA is far more modest in its claims, stating only that its performance in the six months to the 3th June was as expected and consistent with guidelines. On a constant currency basis sales rose by 3%, underlying earnings per share by 36% and underlying operating profit by by 11%. The interim dividend gets a small lift from 8.6p. to 8.8p per share. Order intake during the half year increased substantially by £3.6bn to £10.7bn
William Hill WMH Headlines saw profit before tax for the half year to the 27th June, fall by 7% and basic earnings per share down by 2%, despite wagering growth across each of its four divisions and a rise in net revenue of 3%. It headlines the results as showing continuous momentum without bothering to stress that the momentum seems to be in the wrong direction, save for the fact the interim dividend does get an upward lift of 4%
StatPro Group SOG Despite a 23% rise in revenue for the half year to the 30th June and a 64% rise in adjusted earnings per share,, the loss before tax virtually tripled from £0.96m to £2.29m. The interim dividend is being maintained at 0.85p per share.
Be Heard Group BHRD which is still in the early stages of its development, saw net revenue for the half year to the 30th June, surge by 155%, helped by contributions from acqisitions, as well as from recent new business wins.
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Rio Tinto Slashes Final Dividend.
Rio Tinto RT claims, after slashing its final dividend by 21% that at least its balance sheet is robust and that it enters 2017 in good shape. Basic earnings per share moved from 2015’s loss of 47.5 cents per share to a positive 256.9 cents. Consolidated sales revenue for the year fell by $1billion to $33.8billion.
Redrow RDW With a 50% increase in the interim dividend Redrow adds itself to the list of today’s companies proclaiming robust performances. Completions rose by 13% in the six months to 31st December and revenue up 23%, rose to record levels. The gap between the rise in completions and revenue appears to indicate there may have been a a good rise in average selling prices. Profit before tax, surged by 35% as did private orders which leaves the overall order book also standing at record levels.
Smurfitt Kappa Grp SKG is increasing its final dividend by 20% after producing a strong set of results for the year to 31st December. Profit before tax rose by 9% on revenue up by 1% and basic earnings per share by10%. EBITDA broke new records and was the strongest ever.
Dunelm DNLM increased market share in a challenging environment during the half year to 31st December when trading proved to be slightly softer than the company would have liked. Sales fell by 1.6%. profit before tax by 11.3% and EBITDA by 19.5%. But the important bit is that shareholders are kept happy with an 8.3% rise to 6.5p., in the interim dividend.
Grainger plc GRI reports a robust sales performance and even better, a robust pipeline. In fact the figures show that the total sales pipeline for full year 17 were exactly the same as for 2016. Completed sales did rise but only from £47m. to £49m. todays update for the 4 months to 31st January claims a good start to the year with 3.4% like for like rental growth for the year to date and 2.8% like for like rental growth on their PRS rental homes. Demand for rental homes continues to be strong and at the same time the company is on target to achieve its planned reduction in overheads.
Sophos Group SOPH produced a third quarter rise in billings of 16.1%, with strong momentum continuing. The Americas delivered growth of 20%. Cash generation for the quarter was strong with a rise of 28.4% in unlevered free cash flow, making a total increase over the first 9 months of 136.2% and expectations of the figure doubling by the year end.
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Storm Clouds Gather For Rightmove
Rightmove plc RMV Despite a 19% rise in the interim dividend, today’s half year results from Rightmove contain stark warnings about future trading. On the surface all looks rosy with revenue up by 16%, operating profit by 21% and basic earnings per share by 24%. Traffic growth has been strong with visits up by 15% and time per visit rising by 9%. Average revenue per advertiser has risen strongly to £830 per month and Rightmove still lists 40% more UK properties than any other portal The sky seems cloudless but as Rightmove freely admits, it is not.
The first warning signs to which it draws attention are that although first half transactions rose by 12%, they actually fell in quarter 2 on a year by year basis. Customer numbers since the start of the year have risen by only 1%. The company expects a reduction in the number of agency offices or New Home developments following a reduction in the number of housing transactions. Increased competition is expected to “impact” revenue growth, causing it to lose potential audience, advertisers and demand for additional advertising products.These problems will also be increased by what it describes as “new or disruptive technology and changing consumer behaviour, as will the economic uncertainty caused by the EU situation.
So far however, things have held up, with July trading being in line with the first half.
(Please note that our sponsor and author, may be regarded as a tiny, tiny competitor of RMV. We have endeavored to remain, as ever, objective)
Renishaw RSW The Chairman says he is pleased to report results revealing a fall in revenue of some 12% for the year to the end of June. Everything else has followed suite except for the dividend which gets a small uplift from 46.5p per share to 48p. Profit before tax has slumped from £144.2m to £80m and earnings per share are down from 167p to 94.9p. I wonder who writes the Chairmans scripts.
St. James Place STJ enjoyed record fund flows during the half year to the 30th June and is increasing its interim dividend by 15% to 12.33p per share. Operating profit rose from £265.3m to £284m.
Smurfit Kappa Group SKG A strong first half saw EBITDA grow by 8%, with especially strong volume growth in the Americas. Second quarter profit before tax was up by 27% and by 28% for the full half year. Revenue however rose by only 1% in each quarter..
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